editorNPR Digital Services RSS Generator 0.94Jim Zarroli is a business reporter for NPR News, based at NPR's New York bureau. He covers economics and business news including fiscal policy, the Federal Reserve, the job market and taxes Over the years, he's reported on recessions and booms, crashes and rallies, and a long string of tax dodgers, insider traders and Ponzi schemers. He's been heavily involved in the coverage of the European debt crisis and the bank bailouts in the United States. Prior to moving into his current role, Zarroli served as a New York-based general assignment reporter for NPR News. While in this position he covered the United Nations during the first Gulf War. Zarroli added to NPR's coverage of the aftermath of Hurricane Katrina, the London transit bombings and the September 11, 2001 attacks on the World Trade Center. Before joining the NPR in 1996, Zarroli worked for the Pittsburgh Press and wrote for various print publications. Zarroli graduated from Pennsylvania State University.NPR Digital Services RSS Generator 0.94Jim ZarroliSat, 02 Sep 2017 11:10:59 +0000Jim Zarrolihttp://upr.org
Jim ZarroliDrivers who plan to hit the road over Labor Day weekend will face higher gasoline prices because of the impact of Hurricane Harvey on the nation's refineries and pipelines. After several days of heavy rain and flooding, gas prices reached an average of nearly $2.51 a gallon, up 20 cents since two weeks ago and nearly 30 cents since this time last year, although they fell back a bit Friday. Refineries throughout the Gulf Coast shut down or reduced production a week ago in anticipation of the high winds and heavy flooding from Harvey. "Hurricane Harvey has significantly impacted the entire Texas gulf coast with the petroleum refining centers of Corpus Christi, Houston, Port Arthur, Beaumont, and Lake Charles, La., either completely shutdown or [having] significantly scaled back operations," according to a statement released by the Port of Corpus Christi. As of Thursday afternoon, 10 refineries representing 16.6 percent of daily U.S. refining capacity were shut down, according to theHurricane Harvey Sends Gasoline Prices Uphttp://upr.org/post/hurricane-harvey-sends-gasoline-prices
90626 as http://upr.orgFri, 01 Sep 2017 23:14:00 +0000Hurricane Harvey Sends Gasoline Prices UpJim ZarroliA friend sent a photo to Jaime Botello's phone Wednesday that confirmed his fears: The house where his family has lived for 30 years is completely flooded. "All the way to the top," he says. And like most people in the Houston area, Botello, a welder who was at a shelter with his wife on Wednesday, doesn't have flood insurance. He says he can't afford it. Texas officials say some 49,000 homes have been damaged by the massive flooding that has come in the wake of Hurricane Harvey. The vast majority of the owners don't have flood insurance. "It's a terrible disaster just on the facts you see when you look at TV or the pictures," says Bob Hunter of the Consumer Federation of America, a former Texas insurance commissioner. "But it's also a terrible potential second disaster because so many of the people are not going to be insured." Most insurance policies don't cover flooding damage. To obtain it, homeowners go through the National Flood Insurance Program, which is administered by theIn Storm-Tossed Houston Area, Most Homeowners Lack Flood Insurancehttp://upr.org/post/storm-tossed-houston-area-most-homeowners-lack-flood-insurance
90517 as http://upr.orgWed, 30 Aug 2017 22:56:00 +0000In Storm-Tossed Houston Area, Most Homeowners Lack Flood InsuranceJim ZarroliBill Gilmer remembers spending the night listening to the winds of Hurricane Ike tear through his suburban Houston neighborhood in September 2008. He also recalls waking up the next morning to hear something completely different. "The first sound I heard was chainsaws, and I looked out and all my neighbors were out there clearing the streets, clearing their yards, cleaning up their yards," says Gilmer, who directs the Institute for Regional Forecasting at the University of Houston's C.T. Bauer College of Business. Houston residents have survived big hurricanes before and know how to pitch in and help each other recover, Gilmer says. But the drenching rainfall that has followed Hurricane Harvey, flooding streets all over the country's fifth-largest metropolitan area, is out of scale with anything the city has seen before, he says. Chuck Watson, who studies the economic impact of natural disasters for Enki Holdings, says the cost to the economy from the flooding is likely to be $30Economic Impact Of Harvey Could Be Felt Nationwide Before It's Overhttp://upr.org/post/economic-impact-harvey-could-be-felt-nationwide-its-over
90419 as http://upr.orgMon, 28 Aug 2017 22:25:00 +0000Economic Impact Of Harvey Could Be Felt Nationwide Before It's OverJim ZarroliIn what may be her last appearance at the annual economic summit held in Wyoming, Federal Reserve Chair Janet Yellen on Friday warned against forgetting the lessons of the Great Recession. And she staunchly defended the post-crisis regulatory reforms that she says have made banks safer. Most research shows the changes have curbed risky banking activities, and yet "credit is available on good terms, and lending has advanced ... , contributing to today's strong economy," Yellen said at the conference held in Jackson Hole, and sponsored by the Kansas City Federal Reserve Bank. Yellen's remarks appear to be at odds with statements made by President Trump, who often has claimed that excessive regulation of the financial system has hurt economic growth. Trump has been particularly critical of the Dodd-Frank law, Congress's main response to the 2008-09 financial crisis. "I have so many people, friends of mine, that had nice businesses. They can't borrow money," Trump said in February . "TheyFed Chief Yellen Warns Against Dismantling Bank Regulationshttp://upr.org/post/fed-chief-yellen-warns-against-dismantling-bank-regulations
90304 as http://upr.orgFri, 25 Aug 2017 18:31:00 +0000Fed Chief Yellen Warns Against Dismantling Bank RegulationsJim ZarroliWith the federal government getting closer to running out of cash to cover all bills on time, companies that evaluate bonds are having to consider how to rate America's creditworthiness. And their job didn't get any easier on Thursday when President Trump continued his attacks on congressional leaders over their failure to raise the federal debt ceiling. Other U.S. officials have been trying reassure the financial markets that no default is imminent. But in a morning tweet, Trump blamed the two top Republicans in Congress — House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell — for not attaching the debt-ceiling legislation to a popular bill on veterans' benefits. Whether that legislative strategy would have worked cannot be known. Further, attaching the debt ceiling to the veterans bill could have endangered one of the few legislative achievements Congress could claim in the midst of the GOP health care failure. In any case, Congress now has just a few more weeks to America's Credit Rating On The Line As Debt Ceiling Deadline Approacheshttp://upr.org/post/americas-credit-rating-line-debt-ceiling-deadline-approaches
90273 as http://upr.orgThu, 24 Aug 2017 21:30:00 +0000 America's Credit Rating On The Line As Debt Ceiling Deadline ApproachesJim ZarroliWhen White House chief strategist Steve Bannon was pushed out of his job last week, it underscored the growing clout of President Trump's chief of staff, John Kelly, a retired Marine Corps general. And when Trump announced he was increasing U.S. troops in Afghanistan on Monday, after suggesting for years that he wouldn't, administration officials were quick to note that he was heeding the advice of "the generals." Trump, who attended the New York Military Academy as a teenager, has made clear he admires the toughness and discipline of military life and has appointed four former generals to top administration positions. "I think that he likes the idea of military leadership, because military leadership is very decisive and audacious at times, and general officers are very good at simplifying problems and then getting the job done," said Thomas Kolditz, a retired brigadier general and the director of the Doerr Institute for New Leaders at Rice University. While other administrationWhy Donald Trump Likes To Surround Himself With Generalshttp://upr.org/post/why-donald-trump-likes-surround-himself-generals
90195 as http://upr.orgWed, 23 Aug 2017 09:00:00 +0000Why Donald Trump Likes To Surround Himself With GeneralsJim ZarroliUnder Armour founder and CEO Kevin Plank set off a social media firestorm last February when he voiced some overly positive words about the new administration of President Trump. "To have such a pro-business president is something that's a real asset for this country. I think people should really grab that opportunity," said Plank, whose company makes sports apparel. On Monday, Plank became the latest corporate CEO to publicly cut ties with the president, giving up his seat on a White House advisory council on manufacturing amid criticism over the president's response to the violence in Charlottesville, Va., last weekend. "There is no place for racism or discrimination in this world," Plank said in a tweet. Others quitting the council are Merck's Kenneth Frazier and Intel's Brian Krzanich. Scott Paul, president of the Alliance for American Manufacturing, an industry group, also announced his departure Tuesday, tweeting, "I'm resigning from the Manufacturing Jobs Initiative because it'sCEOs' Dilemma: Supporting Trump's Agenda, Opposing His Behavior http://upr.org/post/ceos-dilemma-supporting-trumps-agenda-opposing-his-behavior
89896 as http://upr.orgTue, 15 Aug 2017 22:49:00 +0000CEOs' Dilemma: Supporting Trump's Agenda, Opposing His Behavior Jim ZarroliUpdated at 10:35 p.m. ET President Trump on Monday authorized his top trade official to look into whether China is guilty of intellectual property theft, a move that could eventually lead to trade sanctions. Trump called his action "a very big move" against practices that cost our nation "millions of jobs and billions and billions of dollars each and every year." He cited not just the theft of intellectual property such as computer software, but also Beijing's requirement that U.S. companies turn over proprietary technology as a condition of entering China's markets. "We will safeguard the copyrights, patents, trademarks, trade secrets and other intellectual property that is so vital to our security and to our prosperity," Trump said at the White House. He was flanked by U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and members of his economic team. Monday's steps were very preliminary, and analysts say that it could be a long time, if ever, beforeTrump Turns To 43-Year-Old 'America First' Trade Law To Pressure China http://upr.org/post/trump-turns-43-year-old-america-first-trade-law-pressure-china
89851 as http://upr.orgTue, 15 Aug 2017 00:15:00 +0000Trump Turns To 43-Year-Old 'America First' Trade Law To Pressure China Jim ZarroliWhen Donald Trump was running for president last year, he never failed to portray the U.S. economy in the direst terms, with sky-high jobless rates, an anemic manufacturing sector and huge trade deficits as far as the eye could see. "Look, our country is stagnant. We've lost our jobs. We've lost our businesses. We're not making things anymore, relatively speaking," he said during one of the presidential debates. What a difference an election makes. These days, President Trump sees a lot to like in the U.S. economy and frequently cites positive statistics to make the case that things are getting better. "Prosperity is coming back to our shores, because we're putting American workers and families first," Trump said in his weekly address to the nation on Saturday. "We continue to see incredible results." Not only is the Dow Jones industrial average hitting records on a regular basis, breaking 22,000 for the first time last week, but also the U.S. economy grew at an annual rate of 2.6Now That He's President, Trump Is Sounding More Positive About The Economyhttp://upr.org/post/now-hes-president-trump-sounding-more-positive-about-economy
89628 as http://upr.orgWed, 09 Aug 2017 13:58:00 +0000Now That He's President, Trump Is Sounding More Positive About The EconomyJim ZarroliThe Dow Jones industrial average finished above 22,000 for the first time, buoyed by higher corporate profits and low unemployment. The Dow, the most widely cited stock index in the world, closed Wednesday at a record of 22,016. It is now up 11 percent for the year and more than 20 percent since President Trump's election in November. "Earnings are growing and are growing faster than anybody thought. That alone will drive stock prices up," says Brad McMillan, chief financial officer at Commonwealth Financial Network. "We [also] see improving consumer confidence and business confidence. When investors are more confident, when consumers are more confident, when businesses are more confident, then typically you see stock prices rise," McMillan adds. McMillan says the improved consumer mood is partly due to the strong job market. The U.S. unemployment rate was 4.4 percent in June. The Trump administration's focus on deregulation may also have helped improve business confidence, he says.It's Another Milestone For The Dow After Finishing Above 22,000 For The 1st Timehttp://upr.org/post/dow-hits-22000
89355 as http://upr.orgWed, 02 Aug 2017 14:07:00 +0000It's Another Milestone For The Dow After Finishing Above 22,000 For The 1st TimeJim ZarroliDefending President Trump on television is giving longtime conservative lawyer Jay Sekulow new prominence these days, but it's also reviving questions about a pair of charities he is involved with. Sekulow, 61, who appeared on all five Sunday morning news shows over the weekend to address questions about Trump's ties to Russia, is a fixture in the Christian conservative movement, serving as chief counsel of the American Center for Law and Justice. He and his family also make up the entire board of a second charity linked to the ACLJ called Christian Advocates Serving Evangelism, or CASE. Watchdog groups have long raised questions about the staffing, fundraising and organizational structures of the two groups. "They're a textbook case of having severely flawed governance and transparency," says Daniel Borochoff, president and founder of CharityWatch. "Our current reading for them is a one-star, which — our ratings are out of four stars. It's definitely on the lower side of our ratingQuestions Raised About Charities Involving President Trump's Lawyerhttp://upr.org/post/president-trumps-lawyer-faces-ethical-questions
88706 as http://upr.orgMon, 17 Jul 2017 23:30:00 +0000Questions Raised About Charities Involving President Trump's LawyerJim ZarroliThe political bomb that went off recently when Donald Trump Jr. revealed he met with a Kremlin-connected lawyer in hopes of getting damaging information about Hillary Clinton has raised new questions about the Trump family's connections to Russia. And investigators are looking for clues in what might seem like an unlikely place: the glitzy November 2013 Miss Universe pageant in Moscow. It was there that Trump — then the pageant's owner — spent several days hobnobbing with Russia's elite and getting to know a wealthy developer whose connections his son would later seek to capitalize on. According to an email released last week by Donald Trump Jr ., the developer, billionaire Aras Agalarov, offered to pass on information about Clinton from Russia's top prosecutor to help the Trump campaign. He denies the charge. Trump was already well known in Russia when he decided to bring the pageant to Moscow. "Everyone wanted to meet him, of course. He was like a big deal, and I'm pretty sure inAt The 2013 Miss Universe Contest, Trump Met Some Of Russia's Rich And Powerfulhttp://upr.org/post/2013-miss-universe-contest-trump-met-some-russias-rich-and-powerful
88661 as http://upr.orgMon, 17 Jul 2017 09:00:00 +0000At The 2013 Miss Universe Contest, Trump Met Some Of Russia's Rich And PowerfulIn November 2013, Donald Trump took the Miss Universe pageant to Moscow, bringing his trademark glitz and glamour to a country that had never hosted a major beauty contest. Trump later boasted that he met a lot of important people at the pageant. They included the billionaire real estate tycoon Aras Agalarov, who is now figuring prominently in the investigations into the Trump campaign's ties to Russia. Here is a look back at how the Miss Universe contest came together and what happened there. 2012 British-born music promoter Rob Goldstone began representing singer Emin Agalarov , son of billionaire real estate investor Aras Agalarov. At the time, Emin was married to Leyla Aliyeva, the daughter of Azerbaijani president Ilham Aliyev. March 21, 2013 In a Facebook post from New York, Goldstone announced he would be attending the Miss USA pageant in June. He served as a preliminary round judge at the event. May 31, 2013 Emin Agalarov released a music video featuring 2012 Miss UniverseTimeline of Events: The 2013 Miss Universe Pageanthttp://upr.org/post/timeline-events-2013-miss-universe-pageant
88662 as http://upr.orgMon, 17 Jul 2017 09:00:00 +0000Timeline of Events: The 2013 Miss Universe PageantJim Zarrolihttps://www.youtube.com/watch?v=iuZUNjFsgS8 Last June's meeting between Donald Trump Jr. and a Russian lawyer with Kremlin connections was arranged by a colorful British-born music promoter with ties to the son of a Azerbaijan-born billionaire. Rob Goldstone, president of Oui 2 Entertainment, told the Washington Post he set up the meeting between Trump and Natalia Veselnitskaya, who has been lobbying against a U.S. law called the Magnitsky Act that blacklists Russian human rights abusers. Also attending the meeting were then-Trump campaign chairman Paul Manafort and President Trump's son-in-law, Jared Kushner. Goldstone said in a statement that he arranged the meeting after Veselnitskaya said she had information regarding illegal campaign contributions to the Democratic National Committee, "which she believed Mr. Trump Jr. might find important." "I reached out to Donald Trump Jr. and he agreed to squeeze us into a very tight meeting schedule," he said. "At the meeting, the RussianMan Who Says He Connected Trump Jr. To Russian Lawyer Put Trump Sr. In A Music Videohttp://upr.org/post/he-says-he-connected-trump-jr-russian-lawyer-put-trump-sr-music-video
88432 as http://upr.orgMon, 10 Jul 2017 22:35:00 +0000Man Who Says He Connected Trump Jr. To Russian Lawyer Put Trump Sr. In A Music VideoJim ZarroliCopyright 2017 NPR. To see more, visit MARY LOUISE KELLY, HOST: President Trump has updated his most recent financial disclosure forms. The numbers show his overall wealth holding steady, but a recent analysis by Bloomberg News highlighted one potential issue. Revenue from Trump's office buildings has been coming in below expectations. That's part of a softening in commercial real estate, and it's happening all over the country. NPR's Jim Zarroli reports. JIM ZARROLI, BYLINE: This is the corner of 71st Street and Third Ave., on Manhattan's Upper East Side, one of the wealthiest ZIP codes in the country. On one corner sits what used to be a supermarket with a huge for-lease sign. There's another empty space on the opposite corner and still another on the next block. Former city councilman Sal Albanese says there are hundreds of empty retail storefronts in this 14-block area. SAL ALBANESE: I've run into people, very wealthy people, who complain that they can't even buy a bagel anymore inCommercial Real Estate Demand Softens, Investors Fret Trump Tax Cuts Won't Passhttp://upr.org/post/commercial-real-estate-demand-softens-investors-fret-trump-tax-cuts-wont-pass
88211 as http://upr.orgWed, 05 Jul 2017 09:05:00 +0000Commercial Real Estate Demand Softens, Investors Fret Trump Tax Cuts Won't PassJim ZarroliIn ordinary times, New York-based Vornado Realty Trust would be a natural candidate to take on a major construction project such as the long-awaited rebuilding of FBI headquarters. As with so much about the Trump era, however, the ordinary rules don't apply. A commercial real estate firm, Vornado is widely reported to be a finalist to build a new campus for the FBI somewhere in the suburbs of Washington, D.C. But its financial ties to President Trump are raising concerns about conflicts of interest. "It puts a cloud over Vornado's otherwise perfectly sensible bid," says Rep. Gerald Connolly, D-Va. Vornado's chairman, Steven Roth, is a Trump supporter whom the president has called "one of the greatest builders in America." Trump appointed Roth to serve on his advisory council on infrastructure. "I'm honored to be involved in it. I think I can contribute. I am an adviser. I am not a line executive. I am not in any way an employee of the government. So this is something we do when asked,"Real Estate Firm With Ties To Trump May Build The New FBI Headquartershttp://upr.org/post/real-estate-firm-ties-trump-may-build-new-fbi-headquarters
87757 as http://upr.orgFri, 23 Jun 2017 08:19:00 +0000Real Estate Firm With Ties To Trump May Build The New FBI HeadquartersJim ZarroliAlthough President Trump has had a troubled relationship with big commercial lenders over the years, financial disclosure forms filed recently suggest he is still able to borrow money when he needs it. While Trump's debts appear to be easily outweighed by his assets, government ethics experts say any sizable debt represents a potential conflict of interest for a president. "It's so profound that, actually, when I was working for President Obama, we wouldn't even let him refinance his modest home in Chicago because of the appearance of conflict," says former White House ethics adviser Norman Eisen, currently a fellow at the Brookings Institution. Records released Friday suggest that Trump holds mortgages of at least $50 million on Trump Tower, the office building known as 40 Wall Street and the luxury resort Trump National Doral Miami. He also owes millions of dollars on properties in Chicago, Florida and Washington, D.C. Trump has had an on-again, off-again relationship with majorTrump May Have A Lot Of Money, But Documents Show He Owes A Lot, Toohttp://upr.org/post/trump-may-have-lot-money-documents-show-he-owes-lot-too
87603 as http://upr.orgTue, 20 Jun 2017 09:00:00 +0000Trump May Have A Lot Of Money, But Documents Show He Owes A Lot, TooJim ZarroliCopyright 2017 NPR. To see more, visit RACHEL MARTIN, HOST: We're getting another small clue about President Trump's overall financial picture after the president released some disclosure forms late last week. What did they say? Here's NPR's Jim Zarroli. JIM ZARROLI, BYLINE: Just how much President Trump is really worth has long been a subject of dispute. He himself has sometimes claimed to be worth as much as $10 billion. (SOUNDBITE OF ARCHIVED RECORDING) PRESIDENT DONALD TRUMP: I'm not using the lobbyists. I'm not using donors. I don't care. I'm really rich. I'll share that. ZARROLI: The federal disclosure forms released Friday don't say exactly how much his properties are worth, but they do give ballpark numbers. Trump says several of his properties are worth more than $50 million each, including office buildings in lower Manhattan and Chicago and golf courses in Scotland and Jupiter, Fla. In the same category is the Trump International Hotel in Washington, D.C., which Trump openedTrump's Financial Disclosure Forms Are Releasedhttp://upr.org/post/trumps-financial-disclosure-forms-released
87567 as http://upr.orgMon, 19 Jun 2017 09:00:00 +0000Trump's Financial Disclosure Forms Are ReleasedJim ZarroliWith an unusually public persona for a Russian businessman, Oleg Deripaska may be getting more attention than he bargained for because of his onetime ties to former Trump campaign manager Paul Manafort. Deripaska, a 49-year-old metals giant from Dzerzhinsk, not only appears occasionally on television to discuss business trends, he has his own website devoted to his career, his philanthropic interests and his commercial activities. "Of all the big Russian businessmen, he's one of the most fun, because he's very direct," says Anders Aslund, senior fellow at the Atlantic Council. "Deripaska is very much in your face. He's straightforward. He tells you what he wants to say. [He's] one of the few big Russian businessmen you can actually discuss and debate with." An Associated Press report has focused new attention on Deripaska's career, his relationship with Manafort and his ties to the Russian government. Manafort, central to questions about Russian influence in the U.S. 2016 election,Russian Businessman With Ties To Ex-Trump Campaign Official Comes Under Scrutinyhttp://upr.org/post/russian-businessman-ties-ex-trump-campaign-official-comes-under-scrutiny
87006 as http://upr.orgMon, 05 Jun 2017 22:13:00 +0000Russian Businessman With Ties To Ex-Trump Campaign Official Comes Under ScrutinyJim ZarroliWhen a Bangladeshi factory building collapsed in 2013, killing more than 1,100 people, big-name retailers from Europe and North America suddenly found themselves facing a crisis that threatened their carefully tended public images. It was a problem not unlike that faced by Ivanka Trump this week, when a trio of activists disappeared while investigating working conditions at a Chinese factory where her company manufactures shoes. Both incidents underscore the fact that in a global economy, problems that companies create in far-off places have a tendency to find their way back home. The activists who disappeared worked for China Labor Watch , a nongovernmental organization that has been monitoring labor conditions in the country for years. Hua Haifeng was arrested by the Chinese government; no word has been received about the fate of the others, but the head of the organization says he assumes they also are being held by security officials. Trump's brand is only one of the retailers thatAlready Under Pressure, Ivanka Trump's Brand Faces A New Challengehttp://upr.org/post/already-under-pressure-ivanka-trumps-brand-faces-new-challenge
86817 as http://upr.orgThu, 01 Jun 2017 09:00:00 +0000Already Under Pressure, Ivanka Trump's Brand Faces A New Challenge